iii introducing quarterly £20 charge

TDM850

SimplyStockbroking are v good dorito - a good ISA service too. If you're looking there you might want to look at Traders Own - the dealing desk is run by SimplyStockbroking but Traders Own charge £6 instead of £8 per trade. V little difference really.

dorito

Thanks TDM850.

Do you know if they are "too big to fail" sort of companies, or "big enough"?
I'm wondering if there's a risk in keeping several years (in serveral years time) of ISA money for both me and the wife in a place that seems to be an "internet only" presence? (like the aforementioned and X-O, etc.)

I guess some people go with services like "iWeb" - run by Halifax - because of the element of a proper company behind it - or are people just looking for the cheapest annual costs?

I suppose as long as it's FSA approved, I'm protected for at least 85K per person in it ,or is that BS?

dh_mcr

I assume that when filling in the transfer form I should select to transfer as Shares (as opposed to cash) in order to stay in the market?

TDM850

Thing is dorito, whether it's SimplyStockbroking, Barclays, Traders Own, Selftrade or whoever, they are all based in the UK, regulated by the FSA and all client money is ringfenced and covered by the Financial Services Compensation scheme. This means that the maximum level of compensation for client claims on or after 1 January 2010 is £50,000 per person per firm (not £85k). The secret is to make sure if you have more than this that you hold it in a number of accounts with different providers.

aspiration_2

If you are partly paid (some shares) for this 2012/2013 Shares ISA, and transferred away from one provider, can you then immediately max up with a new provider? Or is it better to move the maximum allowed amount to the current provider and then ask the Shares ISA (with the cash and shares) to be transferred to the new provider?

dorito

Thank you TDM850.

Also, why do some people prefer do invest in fund (like these "Vanguard"? things, I've read about in this thread) rather than standard stocks/shares in an ISA... it seems that with funds, you have to pay an annual management fee, won't that eat into your total balance?

e.g. paying 2% annually on a £10,000 ISA is £200 to cover the management fee for a fund... surely just buying a stock for a £10 transaction fee means you're not giving your money away?

I will start Googling these things, as obviously I have a lot to learn.

DonnySaver

guitarman001 wrote: »

How did you get in touch with them in the first place, e-mail or phone?

Complete p!sstake - HL have sent two e-mails in the time I'm still waiting to hear from iii. Perhaps I'd best phone them at some point.

Just received the following secure message from iii :-


Good morning

Thank you for your secure message. I am sorry to learn that you wish to close your account.
I can confirm that we will process your request and your account will be closed by close of business on the 1st July
Should you wish to discuss this further, please do not hesitate to contact us on 0845 200 3637.


All sorted then.

sabretoothtigger

dorito wrote: »

Thank you TDM850.

Also, why do some people prefer do invest in fund (like these "Vanguard"? things, I've read about in this thread) rather than standard stocks/shares in an ISA... it seems that with funds, you have to pay an annual management fee, won't that eat into your total balance?

e.g. paying 2% annually on a £10,000 ISA is £200 to cover the management fee for a fund... surely just buying a stock for a £10 transaction fee means you're not giving your money away?

I will start Googling these things, as obviously I have a lot to learn.

Its a fund not a company. Big difference, a fund holds like 100 companies and 1 share holds just 1 company usually

Its massively less risky to take a fund. Some shares will operate like a management fund and they will charge you an annual fee anyway

I hold JII and LCTY for example which is India and commodity futures both are shares but not really a company at all so its a fund in disguise! :j


The paper option on this deal sounds best. I can hold it till this RDR storm passes then transfer it to a nominee broker and sell when I actually need it.

I think that works out ok as most allow free transfer in

gadgetmind

dorito wrote: »

e.g. paying 2% annually on a £10,000 ISA is £200 to cover the management fee for a fund... surely just buying a stock for a £10 transaction fee means you're not giving your money away?

The big advantage of the Vanguard funds is that they are trackers with *very* low fees. Some don't like trackers and prefer to try and pick an active fund that will beat the relevant index over the long term. This isn't easy.

Here is a recent article on the subject.

http://www.morningstar.co.uk/uk/news/articles/106867/Past-Performance-a-Good-Predictor-of-Returns.aspx

I mainly use trackers, but also have some investments in Investment Trusts and individual equities. I also still use a few active funds, but am moving away from them.

pqrdef

aspiration wrote: »

If you are partly paid (some shares) for this 2012/2013 Shares ISA, and transferred away from one provider, can you then immediately max up with a new provider? Or is it better to move the maximum allowed amount to the current provider and then ask the Shares ISA (with the cash and shares) to be transferred to the new provider?

There's scope for complications if you pay new money to the new provider before they receive and process the transfer data. Seems like you're pretty much inoperative for the duration of the transfer either way.